Well , to be complitly accurate , there is actually ONE non-parimutuel bet on racetrack ( where house may lose) Anyone knows ? Anyone ? btw , it's not min garanteed on some exotic bet such as Pick 6
List of tickers with listed FROs: http://www.optionsclearing.com/market/new_listings/new_listings.jsp
You are right , its still parimutual with regular withhold of 17-20% I will make it simple: under what conditions ( only one scenario) house still can lose ? It is not a trick question; happens few times a month
I did some research and put together a summary of FROs for anyone who is interested. http://www.tradeingroups.com/understanding-fixed-return-options-fros/
Since you corrected the premise I can now tell you. When they sell 3 hot dogs for the price of 2. Scroll down for more. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . .. . . . .. Minus show pool